5.7% Q1 growth has generated huge positive sentiment: Modi

Tags: Economy
Encouraged by economic growth of 5.7 per cent in the first quarter, 2014-15, Prime Minister Narendra Modi today said it has generated a "huge positive sentiment" while exhorting Japanese businessmen to invest in India.

Highlighting the achievements of the 100 days of his government, Modi said one of the major initiatives of the new regime was further opening of the FDI rules which too was being widely appreciated by the investors.

Modi said this while addressing the a luncheon meeting hosted by Nippon Kiedanren – the Japanese Chamber of Commerce and Industry, and the Japan-India Business Cooperation Committee here.

"The GDP growth of 5.7 per cent in the first quarter of 2014-15 has generated a huge positive sentiment," he said.

Improved performance of mining, manufacturing and services sector pushed India's economic growth rate to two-and-half- year high of 5.7 per cent in the April-June quarter and the government expects the trend to continue in the remaining fiscal.

India's economy had recorded a subdued growth of 4.7 per cent in the April-June quarter of the last fiscal, 2013-14. The previous high was recorded at 6 per cent in the October- December quarter of 2011-12.

Modi further said that the clear mandates received by the governments of both India and Japan, and the political stability they had generated, would deliver a strong push to bilateral ties.

In order to encourage Japanese investments, a special management team would be set up directly under the Prime Minister's Office.

He said two nominees selected by Japan would also be part of the decision-making team which evaluates business proposals and assured Japanese businessmen and investors of policy- driven decisions to eliminate delays.

EDITORIAL OF THE DAY

  • Because our politicians elbowed out our teachers on Teachers’ Day

    The Swachch Bharat campaign made the highest leaders sweep. Teachers’ Day is making them teach.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Sachin Shridhar

Crouching tiger, hidden dragon

The Chinese are consummate gamblers. If you visit a casino ...

Zehra Naqvi

Capturing change

The pace of change in the world around us can ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture